System Liquidity

System liquidity opened the week in a strong surplus position of ₦4.97 trillion, reflecting a ₦181.77 million increase supported by inflows from repayments and placements at the CBN’s SDF and SLF windows. Despite ample liquidity, average funding cost eased by 8bps to 22.09%, with the overnight rate declining to 22.19% while the OPR remained unchanged at 22.00%.

Treasury Bills

The NTB secondary market traded quietly with minimal activity, as yields remained largely unchanged across most maturities amid cautious investor positioning. The only notable movement was on the 05-Mar-27 bill, where buying interest compressed yields by 4bps to 15.80%, leaving the average benchmark yield marginally lower at 15.98%.

FGN Bonds

Trading in the FGN bond market was subdued and largely stable, with yields closing almost flat across the curve. Mild buying interest compressed yields on the 20-Mar-28 and 17-Apr-29 bonds to 15.92% and 16.06%, respectively, while slight selling pressure pushed the average benchmark yield to close flat at 15.61%.

Eurobonds

The Nigerian sovereign Eurobond market traded on a mixed note with a broad sell bias, as yields edged higher across most maturities amid heightened global geopolitical tensions. Short-dated bonds led the weakness, pushing the average benchmark yield up by 3bps to 7.17%, despite mild tightening in select mid-curve tenors.

Nigerian Equities

The equities market closed higher as the All-Share Index advanced by 0.34% to 204,458.86 points, adding ₦443.13 billion to market capitalization. Gains were driven by buying interest in medium- and large-cap stocks, while market breadth remained positive with 32 gainers against 23 losers.

Foreign Exchange

The Naira appreciated by ₦2.43 to close at ₦1,356.89/$ at the NFEM, supported by improved FX supply relative to demand. During the session, the currency traded within the ₦1,375.93/$ and ₦1,357.75/$ band, while external reserves declined by $38.48 million to $48.81 billion.

Commodities

Global oil prices rose sharply, with Brent crude climbing to about $98.24 per barrel and WTI trading near $97.92 per barrel amid escalating geopolitical tensions. Gold prices also strengthened, with spot gold trading around $4,740.52/oz, reflecting heightened risk sentiment despite a firmer U.S. dollar.